Answer:
In 34 years time retirement account will accumulate = $106,098.21
Explanation:
The value of an annuity investment at a certain rate of interest compounded for a definite period of time can be worked as follows:
Future Value = A × (1- (1+r)^(-34)
r - monthly interest rate = 9.5/12 = 0.79%
A - 875,
r = 0.79% ,
n = 34 × 12 = 408
FV = 875 × (1- (1.0079)^(-408))/0.0079
   = 875 ×121.2550968
  =   106,098.21
In 34 years time retirement account will accumulate = $106,098.21
